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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: RJarnagin who wrote (28096)3/17/1999 8:33:00 PM
From: Mike S.  Read Replies (1) of 120523
 
A.B. Watley has stated to me that it is mainly a daytrading brokerage. I still don't understand what I did wrong even with them trying to explain it to me. At first I messed up with my margin acct. My balance in my margin acct was actually different from what I could actually use. It is also different for daytrading buying power and overnight buying power. I figured instead of messing up again, I wouldn't use my margin acct until I knew about it a little better and was just trading with my cash acct until I received another e-mail call asking for $5800.00 to be deposited in a week by 9am. It was explained to me that if I hold a position in a stock overnight and sell the next day, I am not allowed to purchase the same stock again that same day. I am not sure if that is only the case using the same funds from selling the stock or not. If I had another X amount of dollars in my acct other than what I got back from selling the stock, I don't know if this rule applies. I am still confused on the whole situation. They said a lot of other brokers are more lenient on this matter, but with them being mainly a daytrade brokerage, they enforce this rule. Hope that mad sense. Mike
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